The court found that UBA Bank failed to discharge the burden of proof required to establish that Kenya Commercial Bank and Co-operative Bank were not secured creditors or that they voted irregularly as secured creditors at the creditors meeting. There was no documentary or other evidence provided to substantiate these claims. Furthermore, UBA did not demonstrate that the terms of the CVA would leave it in a worse position than if the company were liquidated, nor that it would receive less from the assets to which its security related, or that it would not be paid in full from those assets. The court also held that UBA's application challenging the CVA was premature, as it was filed before the CVA had taken effect in accordance with the statutory requirements. The court concluded that the CVA was validly approved by the requisite majority in both number and value of creditors, and that no material irregularity had been established. Accordingly, the application by UBA was dismissed, and the CVA was approved by the court without modification.